HEVEA’s share price up by 6.0 sen to close at RM1.73 yesterday. From technical perspective, the share price has been trading at a downtrend and finally broken out from the strong resistance-turned-support level of RM1.69 and settles above 20- and 50-SMAs. MACD and RSI indicators are still healthy, despite Stochastics is in the overbought territory. We advocate investors who look to buy into this stock to take this level as a buying opportunity with a target price objective of RM1.88 (R2) in the near term. Meanwhile, a strict stop-loss should be placed at RM1.66 (3-bids below the support level of RM1.69 (S1)).

 

 

Source: Kenanga